Used primarily in organic synthesis, this compound serves as a versatile reagent for the preparation of various chemical derivatives. It is particularly valuable in the synthesis of heterocyclic compounds, which are essential in pharmaceutical development. The dihydroiodide form enhances its stability and solubility, making it suitable for use in controlled reactions. Additionally, it finds application in the production of corrosion inhibitors and surfactants, contributing to industrial processes. Its role in catalysis and as a building block for complex molecules underscores its importance in research and manufacturing.